Technically you could do it, but it depends on your definition of "character".
For example, you might think Noël
is four characters. But with Unicode it is actually five code points:
N
+ o
+ e
+ ¨
+ l
(where you use U+0308 Combining Diaeresis)
Combining diacritics are interesting; you can keep piling on diacritics. So while you still have four "characters", you have all kinds of extra code-points -
- Noe˿̴̵̶̷̸̡̢̧̨̛̖̗̘̙̜̝̞̟̠̣̤̥̦̩̪̫̬̭̮̯̰̱̲̳̹̺̻̼͇͈͉͍͎̀́̂̃̄̅̆̇̈̉̊̋̌̍̎̏̐̑̒̓̔̽̾̿̀́͂̓̈́͆͊͋͌̕̚ͅ͏͓͔͕͖͙͚͐͑͒͗͛ͣͤͥͦͧͨͩͪͫͬͭͮͯ͘͜͟͢͝͞͠͡l
The above text is four "characters", but is 114 code points.
Adding diacritics gets you more information per character.
Next is the fact that Unicode has a large alphabet. If you expand your alphabet to the other planes, you can encode a lot of information. It's like base-64, but with base-195088.
For more information about cramming a lot of information into few "characters", see this stackexchange code challenge:
which is based off the Stackoverflow Twitter encoding challenge:
This all highly depends if you have 16 characters, or 16 bytes.